CLEVELAND-CLIFFS INC. (CLF) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — CLF

Balance Sheet

(in billions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.07	0.05	0.07	0.06	0.06	0.04	0.11	0.03	0.03	0.03	0.06	0.06	0.05	0.04	0.04	0.07	0.11
Accounts Receivable	2.04	1.88	1.80	1.78	1.80	1.58	1.77	1.87	2.12	2.29	2.22	2.30	2.57	2.67	2.35	2.06	1.66
Inventory	4.53	4.59	4.68	4.70	4.89	4.24	4.20	4.45	4.59	4.73	4.92	5.54	5.78	5.56	4.51	4.28	3.93
Total Current Assets	6.81	6.71	6.69	6.69	6.96	6.03	6.19	6.47	6.94	7.17	7.44	8.32	8.77	8.56	7.15	6.57	5.86
Property, Plant & Equipment	9.24	9.35	9.51	9.62	9.80	8.69	8.73	8.77	8.84	8.88	8.95	9.03	9.05	9.01	8.97	8.98	9.01
Goodwill	1.78	1.80	1.80	1.81	1.77	1.00	1.00	1.00	1.13	1.13	1.13	1.14	1.15	1.13	1.07	1.07	0.99
Intangible Assets	1.06	1.10	1.14	1.19	1.15	0.19	0.19	0.20	0.20	0.21	0.21	0.21	0.21	0.22	0.18	0.18	0.19
Total Non-current Assets*	13.30	13.41	13.60	13.78	13.87	10.77	10.74	10.77	11.12	11.14	11.21	11.36	11.27	11.21	10.92	11.17	11.35
Total Assets	20.11	20.11	20.29	20.47	20.84	16.80	16.93	17.24	18.06	18.30	18.65	19.69	20.04	19.77	18.07	17.75	17.22
Accounts Payable	2.16	2.01	1.91	1.95	2.02	1.98	2.08	2.05	2.08	2.12	2.17	2.36	2.59	2.27	1.83	1.67	1.74
Total Current Liabilities	3.61	3.32	3.28	3.28	3.27	3.26	3.32	3.40	3.29	3.41	3.46	3.58	3.99	3.75	3.28	2.99	2.93
Long-term Debt	7.70	7.76	8.04	7.73	7.60	3.77	3.51	3.66	3.46	3.96	4.56	4.47	4.67	5.03	5.35	5.37	5.42
Total Non-current Liabilities*	10.69	10.77	11.30	11.15	11.09	6.45	6.24	6.40	6.50	6.85	7.40	8.84	9.06	9.41	10.50	10.48	10.83
Total Liabilities	14.30	14.10	14.58	14.43	14.35	9.70	9.56	9.79	9.80	10.26	10.86	12.42	13.05	13.16	13.78	13.47	13.76
Retained Earnings	(0.91)	(0.77)	(0.29)	0.00	0.48	1.43	1.67	1.67	1.89	1.62	1.28	1.55	1.40	0.80	(0.89)	(2.17)	(2.95)
Total Stockholder Equity	5.60	5.82	5.47	5.82	6.25	6.85	7.11	7.20	8.02	7.80	7.55	7.01	6.73	6.34	4.00	3.23	2.39

* Derived from reported values

Income Statement

(in billions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	5.23	4.92	4.31	4.73	4.93	4.63	4.33	4.57	5.09	5.20	5.11	5.61	5.98	5.30	5.04	5.65	6.34	5.96	5.35	6.00
Cost of Revenue	5.09	5.00	4.53	4.78	5.14	5.02	4.60	4.67	4.93	4.91	4.94	5.13	5.34	5.20	5.10	5.31	5.36	4.71	4.07	4.23
Gross Profit*	0.13	(0.08)	(0.21)	(0.05)	(0.88)	(0.39)	(0.27)	(0.10)	0.16	0.28	0.17	0.48	0.64	0.10	(0.06)	0.35	0.98	1.25	1.27	1.78
Selling, General & Admin	0.15	0.13	0.14	0.13	0.14	0.13	0.14	0.11	0.10	0.13	0.16	0.14	0.15	0.13	0.11	0.12	0.11	0.12	0.11	0.11
Total Operating Expenses*	0.18	0.13	0.13	0.16	0.11	0.15	0.19	0.16	0.16	0.32	0.27	0.16	0.16	0.13	0.12	0.16	0.14	0.16	0.16	0.13
Operating Income	(0.05)	(0.21)	(0.34)	(0.20)	(0.50)	(0.54)	(0.46)	(0.26)	0.01	(0.04)	(0.10)	0.33	0.48	(0.03)	(0.18)	0.19	0.84	1.09	1.12	1.65
Pretax Income	(0.15)	(0.31)	(0.45)	(0.31)	(0.62)	(0.63)	(0.57)	(0.31)	(0.01)	(0.06)	(0.11)	0.30	0.46	(0.06)	(0.19)	0.18	0.76	1.05	1.11	1.62
Tax Provision	(0.02)	(0.08)	(0.21)	(0.08)	(0.15)	(0.15)	(0.14)	(0.08)	(0.01)	(0.01)	0.03	0.03	0.10	(0.01)	0.02	0.01	0.16	0.24	0.21	0.33
Net Income	(0.14)	(0.24)	(0.24)	(0.25)	(0.47)	(0.48)	(0.45)	(0.24)	0.00	(0.07)	(0.15)	0.26	0.35	(0.06)	(0.21)	0.15	0.60	0.80	0.89	1.27
Basic EPS	(0.25)	(0.42)	(0.42)	(0.51)	--	--	(0.91)	(0.52)	0.00	(0.14)	(0.31)	0.52	0.68	(0.11)	(0.41)	0.30	1.14	1.54	1.69	2.46
Diluted EPS	(0.25)	(0.42)	(0.42)	(0.51)	--	--	(0.91)	(0.52)	0.00	(0.14)	(0.30)	0.52	0.67	(0.11)	(0.37)	0.29	1.13	1.50	1.63	2.33

* Derived from reported values

Cash Flow Statement

(in billions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	0.23	(0.32)	(0.01)	(0.14)	0.05	(0.35)	(0.47)	(0.08)	0.52	0.14	0.65	0.77	0.89	(0.04)	0.49	0.54	0.87	0.53	1.14	1.52
Capital Expenditures	0.16	0.15	0.14	0.16	0.11	0.15	0.21	0.15	0.16	0.18	0.17	0.16	0.13	0.19	0.23	0.25	0.23	0.24	0.23	0.18
Free Cash Flow*	0.07	(0.48)	(0.15)	(0.30)	(0.07)	(0.50)	(0.68)	(0.23)	0.36	(0.04)	0.49	0.61	0.76	(0.23)	0.26	0.29	0.63	0.30	0.91	1.34
Investing Cash Flow	(0.13)	(0.14)	(0.08)	(0.14)	(0.11)	(0.14)	(2.73)	(0.15)	(0.15)	(0.18)	(0.12)	(0.16)	(0.12)	(0.18)	(0.21)	(0.26)	(0.23)	(0.23)	(0.96)	(0.17)
Financing Cash Flow	(0.08)	0.45	0.09	0.29	0.07	0.50	3.23	0.16	(0.29)	(0.13)	(0.36)	(0.61)	(0.79)	0.26	(0.31)	(0.27)	(0.62)	(0.31)	(0.17)	(1.37)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q3 2020	Q2 2020	Q1 2020	Q4 2015	Q3 2015	Q2 2015	Q3 2014	Q2 2014	Q1 2014	Q4 2013	Q3 2013	Q2 2013	Q1 2013	Q4 2012	Q3 2012	Q2 2012	Q1 2012	Q4 2011	Q3 2011	Q2 2011
Dividends Per Share	0.10	0.06	0.05	0.15	0.00	0.00	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.61	0.63	0.63	0.28	0.28	0.28	0.14